Martinez had promised to guide the club to Champions League qualification when he took the helm at Everton. However an 11th placed finish this year coupled with their last minute FA Cup semi-final exit to Manchester United made his position untenable.

Everton look set to pay £5m in compensation to take Koeman to Goodison Park.

The Dutchman has managed at a number of high-profile clubs including Ajax, Benfica, PSV and Valencia before coming to the Premier League. He won the Eredivisie with both Ajax and PSV.